Ramesh sells an article for Rs. 34,440, after allowing an 18% discount on the marked price and still manages to gain 40% profit. If Ramesh sold the article at a 12% discount on the marked price, then what will be his profit, correct to two places of decimals? 

1
50.24%
2
50.42%
3
48.42%
4
48.24%

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